Category: Economy and Markets
Sri Lanka stocks edge lower; investors hope for oil tonic
Aug 25, 2008 (LBO) – Sri Lankan stocks weakened further Monday with brokers saying the only hope for an immediate recovery being a cut in fuel prices now that global crude oil prices were on the decline. To receive instant alerts from LBO on your Dialog mobile type ‘act (space) lbo’ and send to 678 […]
Sri Lanka taxable workers to shrink, creating multiple crises
Aug 25, 2008 (LBO) – Sri Lanka’s government will run out of working people to tax in the future, as retirees increase and the workforce shrinks, creating a crisis that will leave a rapidly ageing population unprotected, a top financial analyst has warned.To recieve instant alerts from LBO on your Dialog mobile type ‘act (space) […]
Sri Lanka gets ADB help to curb fiscal profligacy
Aug 24, 2008 (LBO) – Sri Lanka is getting help from Japan and the Asian Development Bank (ADB) to improve government finances, the regional lender said, four years after the island returned to excessive government spending, money printing and high inflation. The Japan Special Fund is giving a 300,000 US dollar grant to help Sri […]
Sri Lanka stocks weaken, Distilleries in focus ahead of court verdict
Aug 22, 2008 (LBO) – Sri Lankan stocks weakened further Friday with anticipation mounting over a court verdict on the privatization of Sri Lanka Insurance Corporation (SLIC), part of the Distilleries group. The All Share Price Index fell 0.43 percent (10.34 points) to 2,414.37 while the Milanka dropped 0.59 percent (16.78 points) to 2,811.96. Turnover […]
Sri Lanka to host South Asia economic summit on Aug 28
Aug 22, 2008 (LBO) – Sri Lanka will host a South Asian Economic Summit (SAEA) from August 28, where civil society, academics, private sector and state representatives can debate economic issues, a Colombo-based think thank said. Former Nepalese finance and foreign minister Bekh Thapa, former Bangladeshi foreign minister Kamal Hossain, former SAARC secretary generals Ibrahim […]
Sri Lanka CB governor says South Asian policy making improving
Aug 21, 2008 (LBO) – Economic policies in South Asia are improving and people are taking ownership for policymaking and are no longer driven by multilateral institutions, Sri Lanka’s central bank governor Nivard Cabraal said.“We are now taking ownership of our own destinies,” Cabraal said at the opening of a regional symposium of senior central […]
Sri Lanka stocks stagnate, more trading in CIC
Aug 21, 2008 (LBO) – Sri Lankan stocks closed marginally weaker Thursday, the indices dragged down by falls in blue chips, with Chemical Industries (Colombo) again being heavily traded, brokers said.The All Share Price Index was virtually unchanged, just half a point down at 2,424.71 while the more liquid Milanka dropped 0.17 percent (4.82 points) […]
Sri Lanka central bank sells own securities to destroy money
Aug 20, 2008 (LBO) – Sri Lanka’s central bank said it is selling its own securities to remove money from the banking system, after running out of its Treasury bill stock in a bid to keep money supply growth low.But access to the window has been restricted, allowing market rates further up the yield curve […]
Sri Lanka seeks fisheries aid from Iceland
Aug 20, 2008 (LBO) – Sri Lanka has sought help from Iceland to develop its fisheries and geo-thermal resources and both countries plan to improve air travel links, the foreign affairs ministry said in a statement. The request for aid was made by Sri Lankan foreign minister Rohitha Bogollagama during a visit to Reykjavik earlier […]
Sri Lanka stocks recover
Aug 19, 2008 (LBO) – Sri Lankan stocks recovered some lost ground Tuesday largely on gains in Sri Lanka Telecom but on thin volumes with more trading again seen in Chemical Industries (Colombo) (CIC), brokers said. The All Share Price Index closed up 0.40 percent (9.72 points) at 2,438.61 while the more liquid Milanka rose […]
Sri Lanka says South Asia should cross-invest forex reserves
Aug 15, 2008 (LBO) – South Asian nations should look at re-investing foreign exchange reserves in each others’ countries instead of buying low yielding securities in developed nations, Sri Lanka’s central bank governor Nivard Cabraal said.“Our foreign reserves are bridging the fiscal deficit of developed countries at low rates,” Governor Cabraal told a gathering of […]
Sri Lanka industrial exports plunge in June
Aug 15, 2008 (LBO) – Sri Lanka’s industrial exports plunged 9.3 percent in June 2008, with the key apparel sector slumping 8.9 percent, though total exports for the first six months still showed positive growth. “In fact, I cannot recall a time where I have seen such a striking dichotomy between global commodity and credit […]